Russian oil giant CEO says OPEC no longer acts as regulator

October 23, 2015 5:53 am

VERONA, Oct. 22 — The Organization of Petroleum-Exporting Countries (OPEC) has fully stopped to perform its function of the regulator as the meeting on Oct. 21 did not bring any new decisions, the company’s CEO Igor Sechin said on Thursday speaking at the IV Eurasian Forum in Verona.

"OPEC fully stopped to perform its function of the regulator, the meeting on October 21 with the countries, which are not members of OPEC – TASS, did not bring any new decisions," he said.

Sechin also said that Hungary had begun to export oil from Kurdistan and Poland has agreed on oil supplies with Saudi Arabia.

Speaking about the global energy market, Sechin said that the share of Europe in global consumption of energy resources will decline from 19 percent in 2015 to 16 percent in 2030. (PNA/TASS)